Topic: Way's to improve growth economics (Read 279 times)

Corrupt governments are a great reason why many countries that should be doing great are in fact greatly underperforming, after all if you see that politicians get rich by holding their offices then what incentive has the average person to work hard when he knows he is basically working for a bunch of thieves? And then when we add that those politicians not only steal the money paid in taxes but they even ask for loans and steal money that it has yet to be earned then this makes the situation even worse, which is exactly what we are seeing with so many countries that are incredibly indebted and have nothing to show for.

In my opinion, to increase economic growth, the Government runs programs that provide profitable opportunities for SME businesses to develop more. Looking at the current situation, it is undeniable that SMEs can increase our economic growth and development. But behind all that, there are still many SME activists who find it difficult to run their business. Therefore, not a few of them have to close their businesses at a relatively new age. The reasons also vary, but the most common thing is the lack of working capital.

Since there is nothing to answer, I am going to run an experiment. I have not clicked any of the links but I am going to guess-summarise what they say just by looking at the outlets you have mentioned:
- Remove tariff and encourage free commerce.
- De-regulate all markets, hiring and working practices, limit to campaign funding by companies,...
- Maintain the status quo of all tax havens.
- Reduce public pensions, make them all private.
- Make all health services private. Remove public health insurance.

Please, let me know if I have guessed at least one of these

Increasing a country economy come through different form, in sincere manner a country will increase their economy through diversification of their source of income.
So the only remedy i think that will help come up economy is infrastructure, Agricultural  Sector, Trading and introduction of skill acquisition and Job Opportunity, this are major factor.
Skill will make people not to depends on government and it will reduce the work load via employment, and this is applicable to other points protray here.

 

Also vote a government official who will work honestly because even if you’re a good citizen, if the government is so corrupt then its useless. Economic growth is a vert broad topic and there’s a lot of things that need to be considered, this is not easy but if you’re a good citizen you’ll always do your part.

The current economic system is flawed as it depends on creating money out of nowhere and steal that wealth from their citizens with most of them not understanding what is happening at all and then give it to the favored members of the political class and do this forever, it is obvious this cannot be in place forever and as such it will fail, now I am not saying this will happen tomorrow as it could take decades before it happens but it is inevitable, which is one of the many reasons why I am in bitcoin.

Some important point for betterment of economy as suggested by experts:

1) Pay your taxes instead of evading them
2) Relaxation and subsidies to businesses
3)Promote the entrepreneurs in the country to make them unicorn startup
4)More production in the economy
5)Give boost to infrastructure

I am not an economist who can suggest some ways by which government can improve or stimulte their economy as they have experts for that matter but still they are struggling for growth. It's just a discussion nothing else as government's are not going for public opinion on these matters and still do their own wish.

Not sure about reducing the crime. In some countries, it has been shown that unlike it was expected, the drug-related crime occurrence didn't significantly decrease after the legislation. But abusing the system of drugs for medical purposes isn't as easy as it may seem. There will be strict protocols, that clearly state under which circumstances and in which amounts certain substances are allowed to be prescribed. And, of course, it can only be done by authorized personnel.

Well, I didn’t read all the links you have pasted here, I just went to the Forbes link and clicked on it. The article talks six ways that we can improve our economy and they were accurate about it.

There are lots of things that needs to be done to help the economy of a country to grow, although the article was being specific about the USA, but some of the strategies that the author have mentioned can as well be applied by the government of other countries and they can use those methods to increase their economy’s growth and make their countries a better place. And also doing something about unemployment is very important, people shouldn’t be jobless.

Maybe increase in wages, support in local producers, more taxes for big businesses and a competent and good government will probably do the work. If the economy has a balanced supply and demand with a good surplus of supply,I think the economy will steadily grow.

Productivity declines as tax rates rise as people choose to work less the higher the tax rate the more people spend on tax evasion and the less time they spend on productive activities. So the lower the tax rate the higher the value of all goods and services produced tax rates are related to economic growth reducing tax rates will lead to economic growth and prosperity we reduce taxes but almost all the benefits go to the rich because they pay the most taxes. Many unemployed people will find a way to work and the country's economy will improve rapidly.

taxes play an important role in building a country, we know from taxes can be used to improve various sectors in a country. but the problem is that right now is the pandemic season, and many companies are bankrupt, so there is a lot of unemployment, and it seems the government is always looking for new land to get taxes.

That is a good way to restore the economy of a country that is currently declining, but the reality on the ground now is the opposite we expect, because the unemployment rate is increasing so that people find it difficult to pay taxes.

I’m thinking if the government officials read these kind of articles because seriously, an ordinary individual can’t influence the economy and the growth will always depend on how the government handles everything from a farmer up to the big industries, it matters. We can just simply buy local products but is that really effective for the growth of economy? We should think beyond that.

yes, that's right...he should be able to draw conclusions from his article, discuss the important points in it..not most of them are lazy to open links which in my opinion are too many..I myself am not interested in reading it on another link... .

I think this is the most important factor when talking about economical growth. Technology allows humans to do more in less time, for a cheaper price (less effort is included) and in a more sustainable way on long run. Or being more strict, the economy isn't growing at all, what happens is that the resources are being used more efficiently. If we check, people nowadays are so poor like people from past ages, with the difference we have technology now, which becomes popular within time as it is upgraded.

The effects of drugs glamourization we will see on practice in few decades. In my opinion people should be more careful of what substances they put inside their bodies.
To develop technology and achieve scientific advancement people need to have a healthy mind, body and spirit. Drugs lead directly to the opposite way of this, what can weak or slow down improvements on this field, impacting the world negatively futurely.

I really enjoined the first article, it really broadens the concept of growth in an economic way and the way to go there about but we all know that all those are theory we need to bring it to the practice especially the issue of gross domestic product in the economy.

very true, but it applies to both developing and developed countries. As for a lagging country like Venezuela, the most important thing is to improve a government system that really has a high level of innovation from an economic perspective. empowering the community and also managing existing resources to ensure prosperity. in order to meet their needs must be increased gradually.

what you said I totally agree, that citizen-first work is more important than anything else. because it is the key to improve the community's ability to face increasingly fierce economic competition.

more precisely, the most basic is a leader who really knows the potential of state land and the people's desire for economic growth in terms of material that can be developed. and also like the local government must work together with the community to make agreements based on the potential of industries that can be managed from simple things such as cottage industries. because there is actually a lot of potential that can grow the economy of a country if all can understand the geographical potential of the surrounding environment and utilize the available natural resources.

is there an example? with a lack of regulation a big player can easily control the market and then small business would get threatened every day. everyone need a job to work on so if government don't participate at all, that would be hard. i think balance and context is the most important. 

That's pretty broad and vague because if people only spend and don't save, then they will only have an unstable financial health. I think there's more to the growth of the economy more than just spending, I think reproduction and less imports and more exports is going to help a lot in the economic growth.

All that shit boils down to one viable method: increase in spending.
Yes, entrepreneurial activities and innovation also often being mentioned, but it also has the same goal: cheaper/better products so that people can/willing to spend more.

Anyway, the economics of a country is not your problem. Your problem is to fulfill/consume what you need/want. If you can't consume enough, work more.

In other words, the opposite of what needs to be done.

What has worked historically is:

1) Reduce government, reduce regulations, leave people to fend for themselves.
2) Cut taxes.

There are many ways to improve the economic growth of a country.  Here are some of my ideas on how a country could prosper successfully.

1. Good governance.
A nice set of leaders that are committed to serving their constituents is one of the main ways to see a positive change in a country's economy. Leaders that have integrity and principles to follow and not just a politician that keeps on thinking about their self-interest before the welfare of their nation. You see, politics play a great role in economic growth. If the leader is incompetent, he won't be able to handle and address properly the needs of the citizens and the country itself. Mismanagement of funds will surely happen, failed policies, laws, and regulations will be passed, impunity will be prevalent, and so on. This will lead to a chaotic scene in that specific country, leading to economic decline because the things that have to be done accordingly are set aside.

On the other hand, if a country has a good set of people that practice good governance, almost everything will go well. Providing good governance to the people will reflect in the society itself.

2. Create more job opportunities.
The rate of unemployment affects the economy. If there will be more job opportunities available, there would be more income tax that will be generated to use for the enhancement of the services and utilities. The lesser population will be dependent on government aids because they are already earning a living. By doing this, growth will be more inclusive and not only those in the upper bracket of the society will feel that economy is indeed soaring.

3. Right wage compensation.
If the public and private employers will provide the right compensation to the laborers, it will lead to lower money borrowing and more investment. Borrowing will be limited because they have enough money to sustain their daily needs and they will have spare money to spend or save.

4. Invest more in education.
This is one big factor why some countries remain to be poor - there are no sufficient funds dedicated for education. If ever there is any, it is usually pocketed by corrupt politicians. This should be one of the top priorities of a leader of a country because the children are the hope for the future. We should nourish their minds and fill them with the knowledge that they can use to achieve their aspirations in life. We should make education more inclusive. It should remain to be a right and not a privilege. Let's not cut and enclose their dreams inside a box. This way, they could dream deeply.

The more children acquiring proper education, the more hope a country has because their generation will soon lead after our time has passed.

5. Invest more in good quality infrastructures.
Good quality infrastructures mean that they will be used and utilized for a long period of time. Unfortunately, due to corruption, substandard infrastructures are usually made. As a result, most of it is easily damaged by natural phenomena and it breaks over time. Then, they will need to allot a budget again to rebuilt that project, which means more money will be wasted. Meanwhile, if only the government will invest more in good quality infrastructures, the money will be utilized. Expansion of business may it be big or small will occur easier.

6. Reduce imported goods.
It's okay to import goods from other countries especially if our country is having a shortage of those. However, we should reduce importing goods that are naturally produced abundantly here in our country. It is still much better to support local and small businesses. That way, we can help our fellow citizens and we can encourage them to produce more of their products.

There are many other ways, but I won't include them here since these are just the top ways I have thought upon. If ever economic growth happens, it will produce a positive impact on the standard way of living of the citizens. Not only the country will benefit, but also the citizens residing in that country. It will be a cycle. If the leaders are properly taking care of their people, the economic growth will also be well-taken care of the citizens by providing quality services for their nation.

For me, to improve the economy, the country must have a really strong and good leadership that is taking the public's interest before anything else and they also should support their local businesses, produces and workers before anything else.

Right but you would also need the medical infrastructure to reasonably organize that. If you are a doctor with no experience and your patient says he feels so much better after taking mushrooms, how can you judge that? There will be many who are going to abuse the system as well. On the other hand you would reduce crime, that's correct. I think after all if alcohol is allowed (which really destroys your brain in no time), it is hard to argue against other (softer) drugs.

I agree with you on this. Also, drugs can have a huge positive impact on the healthcare system. It is well known and have been proved numerous times and presented in research papers, that drugs, when used in the proper dosage, can improve mental health. For instance, a substance called CBD in cannabis helps to cope with anxiety disorders, and psilocybin, present in hallucinogenic mushrooms has been shown to be effective in treating depression and alcohol and tobacco addiction.
Allowing to use these substances at least in medical purposes would benefit the overall population health.

All your proposals sound great in theory, and any sane government must have these ideas in mind first. Another question is that it is infinitely impossible to expand jobs in various sectors of the economy, and after a certain limit, this will lead to less economic efficiency, and in the case of state employment incentives, to unjustified expenditures that could be used for other state purposes. The same goes for lowering interest rates. Therefore, such measures are introduced for a certain period of time, and then curtailed when these measures lose their effectiveness. It is not necessary to think that the authorities are entirely corrupt and inefficient managers, just such measures do not always work and not in all areas.

Economic growth is dependant on productivity. Productivity is dependant on innovation and scientific advancement.

In practice the way this works is if one farmer can farm 5 acres of land. The introduction of horse drawn plows may have allowed him to farm 10 acres of land. With the development of petroleum fueled tractors allowing one farmer to farm 50+ acres of land. Growth and expansion of science and technology, boost productivity. Which in turn boost the economy.

If this is true, achieving peak economic growth entails achieving peak science and technology R & D. This goal is tied in to education and encouraging young minds to pursue fields in science or engineering. Japan's culture revolves heavily around anime. Through anime and giant robots, japanese culture embraces science and engineering fields. A big push behind them having a high level of tech. There are many who hoped young americans would become more interested in science and engineering fields with comic books becoming popular in hollywood.

The rest is creating a business environment where start ups can flourish. Incentivizing development and advancement of industry. Rather than propping up stagnation and consolidation.

The best thing about industry advancement is everyone benefits. It doesn't matter if someone is rich or poor. They can benefit from the invention of big screen TVs, computers, cell phones. At least in that regard benefits have been shown to trickle down.




I think spain or portugal (perhaps both?) are known for having success with drug decriminalization.

The cost of drugs and weed can also decrease once they become less regulated. Which can de incentivize drug dealers from being in a business where their profits plummet.

Waste of time!


Then you should look to another source.

Out of curiosity, I went through the material  OP has linked to and that is a load of useless advice, one of those tells you how you can help the economy and it has 11 wonderful moves, would you take financial advice from someone that writes articles by the dozen a day?


In other words, spend, spend as much as you can to help the economy. Of course, the plan has one huge flaw, what if you don't have the money to spend that? Oh, that's not their problem, it's yours!
And the other one has some real global or at least countrywide proposals:


As we all know, empty words that when it comes to being put in practice there is an unclimbable mounting to conquer, everyone is good at proposing something but when it comes to plans on how to do it somehow nobody is left in the room. Anyhow, it's from 2013 so whatever they thought it's needed then to improve the economy is looking totally different now, and besides as I said it it's not a real plan, it's more like let's try and do that because it sounds good.
All of them are laid on spending, more and more spending by the government, I wonder when they will finally realize that all this spending will need to be paid by somebody eventually, either by paying back the debt or by plunging the whole country into poverty.

Maybe I can drop some of my opinions on some or different ways on how we will be able to improve the economic growth of a certain country. The first thing we need to do is to expand the employment of jobs in a certain country in order for them to be more productive at the same time the tax of it will be shortened because the more that the people are employed the more that they will pay taxes and this follows on increasing the real wages wherein the grow of the inflation to the consumers have more disposable to spend and also lowering the interest rates when it comes to the investments and borrowing money of the people.

I agree, most people in here don't want to click a link that's redirecting us to another website. OP, you can consolidate the information that are on those websites and have it merge on this thread so that it's easier to read and one can already see the point of the thread that you've made. No one or if there is, only a few would like to go through those websites and read it one by one without you starting the thread that you've made. It should start with you if you want to make a really meaningful discussion about the topic.

can you give a conclusion instead of giving us a link to visit. we want to hear seriously how the economy is improving from different perspectives. We need a narrative to discuss with you. at least give feedback or input that can open your thread.

  The following statements below shows the improvement of an economic:

https://www.economicshelp.org/blog/4493/economics/how-to-increase-economic-growth/

https://www.realsimple.com/work-life/money/money-planning/ways-to-stimulate-economy

https://www.forbes.com/sites/garyshapiro/2013/01/23/six-ways-to-create-economic-growth/?sh=54585b1f7e32